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Mirvac CEO paid $4.5m in 2016

AAP logoAAP 16/08/2016 Trevor Chappell

The chief executive of real estate developer Mirvac, Susan Lloyd-Hurwitz, was paid $4.5 million in fiscal 2016, after leading the group to a 69 per cent lift in annual profit.

Mirvac's annual report shows that Ms Llyod-Hurwitz received actual remuneration of $4.5 million for the year, up from $3.89 million in 2015.

Ms Lloyd-Hurwitz's fixed salary of $1.5 million was unchanged.

Her pay was boosted by two tranches of deferred short-term incentives vesting in 2016, compared to one tranche in 2015, and 47 per cent of long-term incentives vesting in 2016, up from 36.5 per cent.

Mirvac's annual report said the vesting of long-term incentive grants in 2016 had been impacted by a below-target performance on total shareholder returns.

The group on Tuesday booked a net profit for the 12 months to June 30 of $1.03 billion, up from $610 million, boosted by office asset sales of $787 million and a strong performance from its residential business.

Operating profit rose six per cent to $482 million.

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